SS vs DIL vs FC Comparison

Discussion in 'Short Sale Outpost' started by TomEason, Sep 20, 2011.

  1. frustratedincali

    frustratedincali LoanSafe Member

    Any thoughts on a short sale versus trying to settle a second mortgage comparison? I am in California, current on 1st, late on 2nd since 12/1/14. 2nd is close to being entirely underwater. I am wondering if I try short-selling and cannot get all parties to agree that then I have disclosed all my financial information which could make it harder to negotiate a settlement a second mortgage.
  2. airahcaz

    airahcaz LoanSafe Member

    Have been through this. If you want to keep the property, negotiate the second - they eventually will come around. There's a thread here on how to handle seconds.

    As for the SS, not to worry, all parties usually agree as it is in their best interests (our second settled for the small amount BofA was going to give them). The key is a realtor who is familiar with SS (BofA calls their program the Cooperative SS Program).
    frustratedincali likes this.
  3. frustratedincali

    frustratedincali LoanSafe Member

    Thanks so much for the feedback.
  4. airahcaz

    airahcaz LoanSafe Member

    As for your decision on SS, that depends if the first is underwater? (even though current).

    That's an equity/investment decision.
  5. frustratedincali

    frustratedincali LoanSafe Member

    Current value is around 220k, but seems to be going up. The first is around 217k so not a lot of equity but at least would not be underwater. The condo has its pros and cons, but with a short sale would have to go back to renting which seems like such a step backward although it may be the best option in the long run. I wish i knew where home prices would be at in the future.
  6. UnderwaterWI

    UnderwaterWI LoanSafe Member

    I would like an opinion. I have read others posts in this thread about fc vs dil vs ss but my situation is slightly different in that I have already filed bk discharged in 2010. My home was never reaffirmed. We purchased a new home in Feb 2015 and are happily in the new home having vacated our old one. Some flippers would like to try and purchase our old home as a SS. In reality the debt was discharged already so walking away sounded like the best option but now this SS might get our name off the deed faster....maybe anyway. I don't feel good about disclosing all our financials but on the other hand not sure it matters since this debt was discharged. My goal is to get our names off the deed of the old house as quickly as possible. Any advice is really welcome here do I go ahead and try to have these flippers do a SS or just let it continue on the FC process?

Share This Page